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2 The following information is intended to introduce families to the options available for financing their students college education. More details are available at

3 Financing Your Scripps College Education Estimated Expenses* Tuition and Fees $45,564 Room 7,570 Board 6,436 Books and supplies 800 Personal expenses 1,000 Total $61,370 Financial Aid Students who feel they will need assistance at any point during their four years at Scripps should apply for financial aid when they apply for admission. The Scripps College Office of Financial Aid offers financial assistance in the forms of federal, state and institutional grants, employment, and federal and institutional loans. Financial aid funds are awarded on the basis of a student s demonstrated financial need, as determined from information provided on the CSS/Financial Aid PROFILE and the Free Application for Federal Student Aid (FAFSA). These forms may be found on the Scripps College Office of Financial Aid website: Financial aid is awarded annually, and students must reapply each year to be considered for aid. Renewal information becomes available each December for the following academic year. For families that do not qualify for need-based financial aid or who need assistance beyond demonstrated financial need, there are several options available to assist in financing the cost of a Scripps education. These include various loan options and payment plans. 1

4 Loan Options The William D. Ford Federal Direct Student Loan Program offers students the opportunity to borrow money from the federal government to help pay for a Scripps College education. Under this program, the U.S. Department of Education makes loans directly to students and their parents through Scripps College. Scripps will issue any remaining credit balance to the student s responsible billing party. Direct Loans include the Federal Direct Subsidized Stafford Loan Program, the Federal Direct Unsubsidized Stafford Loan Program, the Federal Direct PLUS Loan Program, and the Federal Direct Consolidation Loan Program. For in-depth information on these loan programs please visit Loan limits for Federal Direct Stafford Loans are $3,500 for firstyear students, $4,500 for second-year students, and $5,500 for third- and fourth-year students. All students may borrow an additional $2,000 unsubsidized Federal Direct Stafford Loan each year. The interest rates for the year will be 3.86% for subsidized and unsubsidized loans. The Federal Direct PLUS Program offers parents of dependent undergraduate students the opportunity to borrow up to the difference between the cost of attendance and all other financial aid. Federal Direct PLUS loans are available to parent borrowers who have no adverse credit history. There is no cumulative maximum limit that can be borrowed under the Federal Direct PLUS program. Direct PLUS loans may be used to replace the expected family contribution. The interest rate on Federal Direct PLUS loans is a fixed rate of 6.41%. Requests for Federal Direct PLUS loans are available from the Scripps College Office of Financial Aid after June 15,

5 Before Scripps College can determine loan eligibility, a determination of a student s eligibility for a Federal Pell Grant and/or her demonstrated financial need must be made. In order for Scripps to make this determination, families must complete a Free Application for Federal Student Aid (FAFSA), available at At Scripps College, all loans for an academic year must be disbursed in at least two installments. All first-time federal student loan borrowers must participate in entrance counseling via the web at Loan Repayment Options Under the Federal Direct Loan program, borrowers may choose among seven types of available repayment plans: the Standard Repayment Plan, the Extended Repayment Plan, the Graduated Repayment Plan, the Income Contingent Repayment Plan, the Income-Based Repayment Plan, and the Pay as you Earn Repayment Plan. A complete discussion of these plans can be found at Loan Consolidation Consolidation allows the borrower to extend the repayment term and reduce monthly payments. For more information on a Direct Consolidation Loan, contact the Federal Direct Loan Consolidation Department at The Student Financial Assistance (SFA) Ombudsman The SFA Ombudsman works with federal student loan borrowers to informally resolve loan disputes and problems. The Office of the Ombudsman helps borrowers having problems with Federal Direct Loans, Federal Family Education Loans, Guaranteed Student Loans, SLS Loans, and Federal Perkins Loans. 3

6 Private and Alternative Loans Private or alternative loans are not federally guaranteed and should only be considered after a student s eligibility for all other types of aid, including Federal Pell Grants, Federal Direct Loans, and Federal Direct PLUS loans, has been exhausted. The repayment terms of federal loan programs are generally more favorable than the terms of private loans. Private student loans may not be included in Federal Direct Consolidation Loans and are not eligible for the Federal Income- Based Repayment Plans or for Federal Economic Hardship Deferments. Interest rates and origination and repayment fees for these loans vary and are set by the lender. Most private lenders require a cosigner, and interest rates are based on the credit-worthiness of the borrower and/or co-borrower. The interest rate will vary on a monthly or quarterly basis and may not have a maximum rate. Rules for repayment and deferment vary from lender to lender, although repayment generally begins after full disbursement. Some lenders may postpone (defer) repayment during periods of at least half-time enrollment and economic hardship; however, interest will continue to accrue on the loan from the date it is disbursed. We encourage families to compare loan programs carefully before selecting a lender and to borrow as little as necessary. For more information, visit We believe the information presented on this site is unbiased, thorough, and clearly presented; however, families may select any participating program of their choice. 4

7 Billing Information Student bills are sent to the responsible billing party prior to the start of each semester. Families should pay particular attention to the due date indicated on the billing statement. Late fees equal to 1% of the past due balance will be assessed on bills paid after the due dates. Past due bills may also affect a student s ability to move into housing, register for classes, and access academic transcripts. Student account bills will be due on the following dates for the academic year: August 1, 2014 for the fall semester January 1, 2015 for the spring semester The Scripps College Installment Payment Plan Under this plan, the annual fees, minus financial aid, are paid in eight equal installments or four payments each semester. A service charge of $50 per semester is added to the total charges. It is expected that payment of installments will be made on or before the due date stated on the bill; failure to do so without the approval of the Scripps College Treasurer will result in a late charge equal to 1% of the past due amount per month and may affect a student s ability to move into housing, register for classes, and access academic transcripts. Billing due dates are as follows: Fall Semester Spring Semester August 1, 2014 January 1, 2015 September 1, 2014 February 1, 2015 October 1, 2014 March 1, 2015 November 1, 2014 April 1,

8 Families wishing to pay their annual comprehensive fee on the Installment Payment Plan should apply to the Manager of Student Accounts, Scripps College, 1030 Columbia Avenue, PMB 2001, Claremont, California Applications for the Payment Plan will be mailed by May 15 or may be obtained at: Contact the Student Accounts Office at Selecting the Best Option The Scripps College Office of Financial Aid website provides information about all the payment options presented in this brochure. You may use it as a guide to help you determine which option, or combination of options, is the most appropriate for you and your family. Visit for more information. 6

9 For More Information For further information, applications, or assistance in selecting a particular plan or program, please contact: Scripps College Office of Financial Aid (fax) For specific information regarding the Scripps College Installment Payment Plan, please contact: Scripps College Manager of Student Accounts (fax) Scripps College adheres to a Financial Aid Code of Conduct and Code of Ethics. These documents may be found on our website at: and This brochure describes the programs, policies, and procedures in effect at the time of printing, all of which are subject to change without prior notice. While Scripps College believes that the information contained herein is correct and factual, this document has not been reviewed or approved by the U.S. Department of Education or the California Student Aid Commission. 7

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